(00000014) DELIVERED BY PRIMEZONE MEDIA NETWORK 800-307-6627
PurchasePro Announces Departure of
Charles E. Johnson, Jr. as Chairman and CEO
LAS VEGAS, May 21, 2001 (PRIMEZONE) -- The Board of Directors of
PurchasePro(r) (Nasdaq:PPRO) today announced that R. Todd Bradley, a
member of the board of directors, has been named chairman of the board,
succeeding Charles E. Johnson, Jr., who has left the company and
resigned his position on the board.
In a statement, the board of directors said, "It was Mr. Johnson's
vision and entrepreneurial spirit that created PurchasePro. It was also
Mr. Johnson who recognized that there is a critical time in the
successful life of every business at which the entrepreneur, the
founder, the visionary, relinquishes his executive authority and
remands it to a seasoned operational team. That he saw that time had
arrived is with the same vision that he created the company."
Speaking on behalf of the company in a separate statement, Richard L.
Clemmer, chief financial officer, said, "We look forward to the
challenges that lie ahead. In the near term, we will work to develop a
strong course of action to reinvigorate the company and provide it with
the best possible opportunity to achieve its ultimate objective: The
achievement of strong financial returns. We will examine every element
of PurchasePro's operations, its business, its products and its markets
to ensure that our course is one of maximum efficacy and possesses the
dynamics to move quickly, nimbly and opportunistically. We will talk
with our customers, our vendors, our employees and our shareholders to
make certain they are not only fully informed of where we are going and
how we are going to get there, but also of our resolve.
"To this point, we are focused on the strategy to carry out our growth
objectives for PurchasePro as well as assuring that the structure,
practices, and operations of our company are solidly in place and
smoothly working to successfully execute our business plan. It is,
however, now time to inject that strategy with the fuel that will
accelerate it during this demanding period in our history, as well as
this difficult economic environment.
"There is no question that PurchasePro has the right team to develop
and implement that strategy. And, the right team to make it work."
In April, Mr. Clemmer, 49, was named vice chairman and chief financial
officer of PurchasePro. Previously, he served as executive vice
president and chief financial officer of Quantum Corporation
(NYSE:DSS), the world's largest supplier of DLTtape(tm) automation
systems and a leader in data protection, where he initiated and managed
more than $2 billion in mergers, acquisitions, and joint ventures.
Prior to joining Quantum, he was senior vice president and chief
financial officer of Texas Instruments' $8 billion Semiconductor Group.
While at Texas Instruments, Clemmer spearheaded the company's joint
ventures with Hewlett-Packard, Hitachi, Canon, Acer Computer, Kobe
Steel, and the Singapore government.
PurchasePro(r), www.purchasepro.com, a leader in business-to-business
e-commerce, operates the PurchasePro(r) global marketplace,
encompassing more than 155,000 businesses and powering hundreds of
private-label marketplaces. PurchasePro(r) provides the following
business-to-business e-commerce solutions: e-Procurement for corporate
procurement, v-Distributor for online distributors, e-MarketMaker for
Internet market makers and e-Source for strategic-sourcing.
This press release may include forward-looking statements, which are
subject to the "Safe Harbor" created by Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements involve certain
risks and uncertainties that can cause actual results to differ
materially from those in the forward-looking statements.These
forward-looking statements represent only the views of certain members
of management and are based on limited information available to us now,
which is subject to change. We have no current plan to update these
statements. Actual results may differ substantially from what we say
today and no one should assume at a later date that the forward-looking
statements provided herein are still valid. They speak only as of
For more information about these risks and uncertainties, see the SEC
filings of PurchasePro Inc., including the section titled "Factors That
May Affect Results" in its 10-K filing for the period ended December
31, 2000, and its 10-Q for the quarter ended September 30, 2001, which
is available from the company on request and on the Internet at the
SEC's Website, www.sec.gov.
Note: PurchasePro is a servicemark of PurchasePro.com Inc. All other
trademarks or registered trademarks are the property of their
CONTACT: PurchasePro, Las Vegas
Steven D. Stern, Vice President Corporate Communications
Matthew Brimhall, Manager of Public Relations
PondelWilkinson MS&L, Los Angeles
Provider ID: 00000014
-0- May/21/2001 14:07 GMT
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